updated 12:27 pm EST, Mon January 7, 2013

Speculated $100 price tag in fact $150

Acer has officially announced its budget-ranged, seven-inch addition to its Iconia tablet range, though not as cheap as previously thought. The Iconia B1-A71 running Jelly Bean, as leaked late last month, will be a low-priced offering that will compete with the Google Nexus 7 and the Amazon Kindle Fire, though it will not be priced at the speculated $100 barrier.

The 1.2GHz dual-core processor is supported by 512MB of RAM and 8GB of internal storage expandable via microSD up to 32GB, and the seven-inch capacitive multitouch screen has a resolution of 1024x600. Connectivity is offered through Wi-Fi, Bluetooth 4.0, a combined headphone and microphone jack, and a microUSB port. Despite being a budget-ranged tablet, it still manages to weigh just over 11 ounces, and has a 2710mAh battery.

While an expected release date is currently unknown, the Iconia B1-A71 has an expected retail price of under $150.